Discount apparel retailer TJX Cos., Inc. (TJX
) declined after mixed results from the first quarter. Sales grew 5% year-over-year and inventory was well controlled, but North American store traffic was weak, and the company’s merchandise margin contracted. Despite near-term headwinds, we continue to believe that the company remains well positioned given the value, branded product offering, and convenience it offers customers.
From Diamond Hill Capital
)'s Select Fund Second Quarter 2014 Commentary